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Saudi Gazette report
RIYADH — Saudi Arabia decided to localize sales jobs in the insurance sector effective from April 15, 2024. The Insurance Authority issued its decision to Saudize all jobs related to sales of insurance products from the middle of April.
The decision stipulates that insurance workers in the non-sales sector are not entitled to accept any commissions related to sales. The Insurance Authority will follow up on the implementation of the Saudization decision from the date of issuance of the decision until the target Saudization percentage is reached. This is within the jurisdiction of the authority’s supervisory and oversight roles over the insurance sector.
It is expected that the decision to localize the sales sector will have a significant impact not only on the sector but also on the total rates of Saudization in the Kingdom. This would also contribute to developing specialized national competencies interested in the insurance sector, as well as in improving overall performance and raising the quality of the provided services.
The newly created Insurance Authority has taken the decision as part of supporting and enhancing the effectiveness of the insurance sector as well as to support and empower national competencies and capabilities in the insurance sector. This comes based on the competencies and powers granted to the authority to regulate, supervise and control insurance business in the Kingdom.
